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CEO’s Message

Extraordinary Measures for Extraordinary Times

Year 2020 has changed the scope of the way we perceived life, safety, work and business and most of all, survival. While the whole world is fighting to find ways to resume normal life, these are indeed challenging times.

These are indeed extraordinary times, which call for extraordinary measures. While developed countries are combating hard to cope with the Coronavirus pandemic, it is indeed a challenge for Pakistan, its government, corporates and citizens to fight with this disease. But when human lives are at stake, it is an even bigger challenge to continue business. And some businesses are not just a commercial enterprise, they are essential services like ours.

At CDC, we have always believed that we are the Custodians of People’s Assets which is a huge responsibility. These people have trusted us and may need their Assets any time, especially during the current unpredictable situation.  Hence, it is all the more important for us to continue our operations so that people can utilize their assets whenever they want. As the Ultimate Custodian, this is our primary responsibility.

Organizations that prepared for unforeseen circumstances in good times seem to have survived or pull through in this first-of-its-kind situation. For the past many years, Business Continuity Management Planning remains in continuous focus at CDC and now we are reaping its benefits. However, at CDC, the efforts for Business Continuity were not only focused on our own business. As an Infrastructure Institution, the continuity of our clients’ operations was equally important.

Hence, for us the responsibility was twofold, to ensure that while our own business continues, our clients also receive seamless service from our side. While the staff of organizations from the Pakistan Capital Market work from home, everyone easily connects with all CDC systems and perform their day to day transactions with the same ease of working from their office due to efforts made by CDC for business continuity in times of tranquility.

I take this opportunity to offer my gratitude to all our stakeholders, clients and other key infrastructure institutions for their constant support and trust. While CDC’s Board of Directors continued to provide their guidance, CDC’s Management and employees showed an unrelenting commitment and resolve to keep it going no matter what the circumstances are.

Let’s hope that this pandemic goes away soon from the whole world, life comes back to normal and businesses resume, inshaa Allah.

Stay Safe!

Badiuddin Akber

Chief Executive Officer

Awareness Sessions

In line with its vision to promote capital market awareness and help increase the investor base, CDC organized the following awareness sessions in this quarter (Oct – Dec 2019) in different cities of Pakistan:

City Venue
Islamabad ISE Towers
Lahore LSE Auditorium
Karachi CDC House
Rawalpindi Blue Lagoon
Faisalabad Hotel One
Karachi ICMA Pakistan

Awareness session on Tax-Filing with ease

CDC always strives to promote financial awareness by educating both capital market participants and the general public. In accordance with its vision to play an active part in facilitating Ease of Doing Business in Pakistan and creating a financially aware citizen base, CDC arranged an awareness session on “Tax Filing with ease” in collaboration with “BeFiler” which is a joint venture of renowned tax advisors. The session, held at CDC House on the 23rd of November 2019, was designed to enlighten participants—especially those belonging to the salaried class—as to how they can simplify their tax filing process without engaging expensive tax consultants. The session, which was a full-house and also broadcasted live as a webinar, was very well-received by the participants who were eager to learn the basics of the tax-filing process. The participants appreciated CDC’s initiative and commitment for the promotion of financial literacy in Pakistan.

Participant Awareness sessions

In continuation of its efforts to create awareness among the capital market participants, especially with reference to both the existing and new facilities offered by itself, CDC organized a number of awareness sessions. These sessions were specially designed to discuss in detail the features of the Zakat Repository, a new facility offered by CDC, so that participants can play an active role in making it a success. The details of these sessions are as follows:




Introduction of the Zakat Repository System

Wednesday, December 04, 2019

CDC Lahore Branch, LSE Plaza

Wednesday, December 11, 2019

ISE Towers Auditorium, Islamabad

CDC collaborates with EasyPaisa for IAS Payments through Mobile Wallet

CDC has always strived to facilitate its account holders by introducing innovative solutions and has recently launched another convenient payment facility to its account holders via EasyPaisa’s Mobile Wallet. Using this service, CDC’s Investor Account Holders can now make their account related payments through EasyPaisa’s mobile application and retailer franchises. This solution offers the following benefits to CDC account holders:

  1. Easypaisa Mobile wallet account can be opened by an investor anytime and anywhere through their mobile phone, the only requirement for which is a valid CNIC and mobile number.
  2. Easypaisa App is available on both Android and iOS platforms. Mobile wallets are increasingly gaining traction due to the widespread use of mobile phones.
  3. IAS customers can fetch details of their bill dues and make the payment. Also, they can deposit additional funds (top up) into their IAS account.
  4. This payment solution offers IAS account holders the convenience of making payments through their mobile phone.
  5. This solution will also be facilitating IAS account holders to make their payments through Telenor franchises which are widespread across Pakistan, even reaching into remote and rural areas.
  6. The service will especially benefit those investors who:
      • don’t reside in any of the three cities where CDC offices are located (Karachi, Lahore and Islamabad).
      • reside in areas that don’t have adequate commercial banking facilities (rural, remote areas).
      • don’t own a bank account. A large sector of the population is unbanked and rely on microfinance banks such Telenor for transactions.
  7. IAS payment option is already available through banks’ online channels (ATM, internet and mobile banking). This is yet another alternative payment solution for IAS account holders.

CDC collaborates with various Banks for Efficient Payment Mechanism for its Mutual Fund and Discretionary Portfolio clients

In continuation of its efforts to help increase ease of doing business in the country, CDC has recently collaborated with various banks for their cash management services for the arrangement of Efficient Payment Mechanism (EPM) for CDC’s Mutual Fund and Discretionary Portfolio clients. The EPM is designed to carry out seamless execution of transactions through the integration of CDC’s Fund Management System with the banks’ systems.

This solution has been developed to transfer payments instantly into the beneficiaries’ bank accounts over a secure VPN connection and aims to bring efficiency by eliminating the need of any physical instrument for execution of payments. By using EPM, Asset Management Companies (AMCs) are able to make transactions of mutual funds under their management through the modes of Interbank Fund Transfers (IBFT), Online transfers, Bankers Cheques and / or Real Time Gross Settlements (RTGS). Currently, this solution is available for redemption and conversion of units, dividend payments, vendor payments and transfer of funds. In the second phase, the EPM solution will aim to automate payments against brokerage, sales load & equity instruction, etc. The complete launch of all these types of payments through EPM will soon enable AMCs to shift their payments from traditional modes to this innovative feature.

In the fourth quarter (Oct–Dec 2019), CDC has signed MoUs with Bank Islami Pakistan Limited, Dubai Islamic Bank Limited and Faysal Bank Limited, making it a total of four banks collaborating with CDC for EPM arrangement with the following statuses:

  1. MCB Bank Limited – Live operations
  2. Bank Islamic Pakistan Limited – Live operations started
  3. Dubai Islamic Bank Pakistan Limited – Live operations started
  4. Faysal Bank Limited – Live operations to commence soon

CDC will soon be finalizing the same arrangement with Bank Alfalah Limited, JS Bank Limited and Allied Bank Limited.

Following AMCs are on board with CDC for EPM and are reaping the benefits of the solution:

  1. MCB – Arif Habib Savings and Investments Limited
  2. NBP Fund Management Limited
  3. UBL Fund Managers
  4. Atlas Asset Management Limited
  5. AKD Investment Management Limited
  6. Habib Asset Management Limited
  7. National Investment Trust Limited
  8. HBL Asset Management Limited
  9. AWT Investment Limited
  10. Alfalah GHP Asset Management Company

CDC launches Zakat Repository System to help increase Ease of Doing Business

In pursuance to Zakat and Ushr Ordinance, 1980 (the “Zakat Law”), Zakat is inter alia, payable on cash dividends declared by Companies. Under the Zakat Law, shareholders may claim exemption from compulsory deduction of Zakat from dividend payments by filing a copy of Zakat Declaration Form on a prescribed format (commonly known as “CZ-50”) duly attested by the notary public OR Solemn Affirmation Letter (the “Letter”) (in case of Non-Muslims) with the Zakat deducting agency (i.e. Issuer or its R/TA).

Ever since the launch of Central Depository System (CDS), those Individual Shareholders who opted for Zakat Status marked as “Muslim Zakat Non-Deductible or Not Applicable” at the time of CDS Account opening / updation are required to submit CZ-50 (in original or attested copy) or the Letter, as the case may be, to CDS Participants. All physical records of CZ-50 or the Letter are preserved by CDS Participants. Issuers/R/TAs may obtain copies of CZ-50 or the Letter from CDS Participants for Zakat Audit purposes in light of Circular dated April 06, 2001.

Since inception, CDC always strives to facilitate the capital market investors in their respective businesses. This strive has taken a faster pace with CDC’s initiatives to increase Ease of Doing Business in the Capital Market in the past few years. In line to this resolve, CDC took an initiative and proposed the concept of Zakat Declaration Repository to the relevant ministry of Government of Pakistan to convert physical forms into electronic form. This step was taken to address the following issues being faced by CDS Participants and Issuers / Share Registrars:

  • Participants perform manual activity of locating the forms for every security within their record at the time of Zakat Audit and then provide the same as and when required by the Issuers or their Registrar.
  • Issuers / R/TAs find it a hassle to obtain CZ-50 / the Letter (as applicable) from the CDS Participants and to undertake various follow-ups in order to retrieve the requisite format.

Through the Zakat Repository System / functionality, Zakat Forms (CZ-50) and Solemn Affirmation Letters of Sub-Account holders who have opted for “Muslim Zakat Non-Deductible” and “Not Applicable” status respectively, will be uploaded and maintained in electronic form by the CDS Participants and the same will be available to the respective Issuers / their Share Registrars.

Benefits of the Zakat Repository System:

  • Reduced labor and hassle on the part of CDS Participants to locate CZ-50 / the Letter at the time of Zakat Audit.
  • Electronic availability of record with easy access and search options.
  • R/TA & Zakat Auditor will be able to access the forms directly from CDS and there will be no need to request the CDS Participants for the same.
  • Increased transparency through proper maintenance of record.

Awareness sessions

In line with its vision to promote awareness and increase the capital market investor base, CDC organized the following awareness sessions in this quarter (July – Sept 2019) in different cities of Pakistan:




ISE Towers


LSE Auditorium


CDC House


Blue Lagoon


Hotel One


ICMA Pakistan

Awareness sessions for students of Bahria University, Karachi

In accordance with its continuous resolve to educate students – the financial leaders and partakers of the future – about Pakistan Capital Market, CDC conducted an awareness session for the students of BBA and BS Computer Sciences, Bahria University, Karachi. Representatives from PD and Marketing Department led an interactive presentation on the dynamics of stock market and CDC’s role in its workings. CDC’s landmark achievements including CDS, Investor Protection and Awareness measures and Digitalization initiatives were highlighted. The prospects of investing in the stock market, internship and job opportunities and possibilities of research projects were discussed. The session was well-appreciated by the faculty and students of Bahria University.